Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ 16,227,000 $ 6,344,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 0 1,000
Amortization of intangible assets 0 0
Stock compensation expense for options and warrants issued to employees and non-employees 4,051,000 231,000
Amortization of debt discounts 972,000 1,043,000
Non-cash interest expense 1,504,000 6,880,000
Change in value of warrant and derivative liabilities (25,494,000) (17,874,000)
Changes in operating assets and liabilities:    
Accounts receivable 0 0
Other assets 0 25,000
Accounts payable and accrued expenses 1,508,000 270,000
Net cash used in operating activities (1,232,000) (3,080,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 1,540,000 2,350,000
Repayment of note payable 0 0
Net cash provided by financing activities 1,540,000 2,350,000
Minority Interest 0 0
NET DECREASE IN CASH AND CASH EQUIVALENTS 308,000 (730,000)
CASH AND CASH EQUIVALENTS - Beginning of period 47,000 855,000
CASH AND CASH EQUIVALENTS - End of period 355,000 125,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock for interest expense 0 247,000
Issuance of common stock to convert notes payable 1,429,000 0
Issuance of common stock in payment of accrued interest $ 270,000 $ 0